Japanese companies boost wages in departure from 'lost decades'

TOKYO -- Japan's largest employers announced record pay increases on Wednesday, signaling a break from the deflationary mindset that led to the country's prolonged period of low economic growth known as the "lost decades."

Every spring, unions and management hold talks, known as shunto, to set monthly wages ahead of the start of Japan's fiscal year in April. Toyota Motor, Hitachi and Panasonic Holdings were among the companies that on Wednesday fully met labor unions' demands to raise wages.